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You might have heard of Africa, a place plagued by wars, disease, hunger, and what have you. Yes, that’s the dark side, but there’s also a brighter side of Africa, and this is it: African nations have made impressive strides to economic development against all odds in the past decades, including the global turmoil cause by financial crisis in recent years. Africa’s progress has thrown a new spectrum of light on the prospects of the continent, dispersing the bleak outlook once held in the international business community. Leading international business journals, like The Economist, in view of Africa’s prospects have completely altered drab images once used to portray Africa as “the hopeless continent” to a brighter one – “the hopeful continent”.

Hence, ‘new perspectives’ on Africa (and business as well) deriving from legitimate sources has accumulated into “[a] vast and growing repository of Afro-optimism” among powerful voices in the world of global business is held against a foreseeable future of prosperity with sustained economic growth and unprecedented development on the continent. Africa’s prospects in recent year have awakened the global business community, like having ‘a second touch’, to view the continent now in more favorable terms as the destination of global business, despite her numerous challenges.

A new light has dawn on Africa! The African market is increasingly open for business with brighter prospects which calls for a “new thinking” on making investment and doing business on the continent. Occurring at the same time is a ‘paradigm shift’ on risks on investment - where prospective investors are coming to terms with the fact that despite “perceptions of elevated and uniform risk” on investment, the situation on the continent is no different for elsewhere.

So, what are “critical factors” for success in doing business in Africa in the ‘new dispensation’? The Strategic Growth Forum(2012) has listed “five critical success factors” among which “people” and “partnerships” are highlighted as most imperative. Coming along with having the right “perspective”, “planning”, and “places”, the aspects of “people” and “partnerships” underscore the need for having a proper relationship with all levels of national governments. Gone the days when African bureaucrats took for granted their role in attracting investments to their respective countries. Now a day, governments have taken the front seat to improving the business environment in their respective nations – a requisite for maintain existing partners and attracting prospective ones. Also critical to the success of business, governments and businesses are becoming increasing aware of the need for forming strong local partnerships as a way of harnessing the strength of different players in a new and enabling environment.

Here is good news for not only “people” but also the “perspective”, “planning” and “place” aspects of the African market as well. That is, within an enabling environment, firms are likely to increase their turnover by endeavoring to identify, nurture, and retain from the abundance of talented and committed local staff. And where “top down approach” to business is replaced by “people focused strategies” perceptions are uninhibited, underserved customers becomes aware of the opportunities available to them as they sense that their needs and wants are being targeted, and the attracting of vast number of underserved customers is likely to result. The message here is clear for prospective investors in the Africa: ‘success with people’ is indispensable in this ‘new’ business environment.

Another good news from Africa is this - of all emerging economies - the IMF’s projections for Africa growth rate of a staggering 5% for 6% 2013-14, which is likely to be consistent and robust over the next decade, and increasing the prospects for economic cooperation amongst various regions on the continent. The face that in 2011 alone more than fifteen African economies reported a growth rate of more than 5%, despite a slow recovery from the global recession and an exposure to the slowdown in the developed markets, this is not so far fetch.

News relating to high performance and projections for African economies is gaining currency in the international media; although this often been tempered by perceived high-risk, and (at times) difficulties encountered in doing business on the continent. Nevertheless, there is a growing interest in the African market by firms and financiers both within and the continent and round the world. Investment consultants are constantly bench marking strategies for effectively tapping into Africa’s growth and potential. Ernst & Young(2013) asserts that the question for investment prospects has moved beyond what strategy is need to “whether a firm or has an African-wide strategy” - one that unlocks values and is adjustable to change whilst safeguarding assets and investments. This might serve as a guide to anyone thinking of doing business in Africa in present dispensation.

The African growth story is real. However, to a prospective investor this might obscures the complexities and idiosyncrasies of the continent - both being important factors to overall political, social and economic development (includes commerce and industry) of Africa(Ernst & Young and Oxford Analytical, 2012). Taking a cue from these facts firms could preempt foreseeable operational challenges and mount the necessary strategies to beat them. For sure, to tap on the opportunities that the ‘new dispensation’ that African businesses are granting to their many soothers, there is a need to maximize strategic opportunities against risks on investment.

In recent years, African governments have sort to attract investment by speeding up the process and cutting down on the cost it takes to start a business in their individual nations. Seventeen out of fifty global economies that have made the most improvement in business regulation for domestic firms since 2005 are from Africa(Doing Business Fact Sheet, 2013). It shows that Africa has made tremendous progress as a “place” of doing business within the last decade. Between June 2011 and 2012, 28 out of 46 governments in Sub-Saharan Africa implemented at least one regulatory reform, making it easier to do business in their respective countries. Here is an outline of a few and most noticeable ones: Burundi, ranking number ten on the globally scale, made most improvement in the past years, and making it easier to doing business in this East African nation. She is the only low-income economy to implement four successful reforms, an Africa’s champion of a sort. Burundi has scrapped the need for a Ministry of Health clearance before processing construction permits, reduced the cost on doing a geotechnical study, and hooked up to the electronic data interchange systems with neighboring transit countries (a system used to monitor goods going across its borders) so that the process took less time that it had required earlier. This may startle the eyes of a prospective investor, however it is but one of several statistics verifying the fact that the “Dark Continent” has gotten into the lights and is doing business no longer in the dark.

Other stars shining in the African skies - making significant improvement in place of business - includes Angola. Famous for her oil wealth, this nation has eliminated some requirements needed for starting a business, and has also shorten the time it takes for customers to get hooked up to electricity on the national grid. Republic of Benin, taking a similar measure, set up a one-stop-center at the port of Cotonou processes the commercial registry via a single-system window integrating customs, control agencies port authorities, and other necessary harbor services, and reduced time and cost for processing a construction permit. Botswana also upgraded her customs inspection system - as required by the South African Customs union - to hasten doing business across her boarders and in a safer and efficient way. Botswana ranks 59 on the Global scale on improvement in doing business. Democratic Republic of Congo is well known for her rich and vast natural resource deposit. Starting a business in this central African nation has been made a lot easier by reducing administrative and other costs associated with incorporation. The other (Republic of) Congo also followed suit by reducing the costs associated with obtaining construction permits. Ethiopia introduced a social insurance scheme and access to credit information online. The Republic of Guinea made several changes make doing business less a hassle by setting up a one-stop service center for business incorporation- affixing more flexible terms for incorporation once considered as a humdrum legal processing- and has made it faster and easier to obtain construction permits, plus get hooked up to electricity on the national grid.

A similar story can be told of the progress in improving on the business environment in other African countries like Kenya, Lesotho, Liberia, Sierra Leone, Madagascar, Mauritius, and etc. In Kenya tax payment hastened by an electronic filing system. Lesotho strengthened investor protections and by setting-up a one stop service center for company incorporation and notarization. In Liberia, getting hooked up to electricity faster than years before, and enforcement of contracts, now handed by a commercial court system. Sierra Leone is the latest among African nation to set up an embassy in Seoul. Doing business has been made much easier in this diamond rich nation by improving customers’ access to credit information at a new public credit registry, and by registering property through a computerized system linking the Ministry of Lands, Country Planning and Environment. The island nation of Madagascar, to make has made starting business easier and faster, set-up a one-stop service center to handle the entire process. Whilst another African nation of the shores of main land- Mauritius has turned out to be a success story, ranking 19 on the global index, she glitters the path to economic development for other nations on the continent. Namibia hastened the time it takes to get hooked-up to the national electricity grid by reducing the time and cost on producing estimates for external connections works.

Doing business in a new dispensation in Africa also calls for a ‘paradigm shift’ and ‘new’ thinking on the business life cycle as well as the continent. As one analyst on African business asserts, “new and unique perspective” embracing the continent with all its attending peculiarities is required since “doing business here is no different from elsewhere.” This may be particularly true with regards to terms and regulations associated with business life cycles which include start-ups and operations, trading across borders, paying taxes, and protecting investment.
  
Within the last five years regional grouping in Africa have also taken noticeable steps to attract investment and spur economic growth. By enacting a common market protocol, the East Africa Community took has improved its investment climate and business regulatory environment. There are expectations that similar steps taken in other regions will serve as catalysis for growth, business expansion, and a form of competitiveness that increase human development and have a positive effect on the lives of the people within their respective regions; The achievement of “four freedoms” - the free movement of people, goods, services and capital within their common market is seen as the ultimate goal.

Africa has endured decades challenge and bad news. Today, news high economic growth and progress towards economic development in Africa is gaining currency in the global media. Although tempered with challenges, the prospect for sustained growth and economic development not so uncommon. With the continent’s population reaching the one billion mark (about 15 per cent of the world’s total population) is an increase of optimism in future of the continent. An advancement of information and communication technologies(ICT) has emerged as a potential new customer base in Africa market. The Africa Competitiveness Report(2013) purports by 2030 about twenty percent of the world’s total population will reside in Africa, where there are unlimited opportunities for investment: with economies are that are yet to be “sufficiently diversified”, and a vast untapped manufacturing sector and an abundance of labor starched in the agricultural sector.

Africa’s market has, more than ever, attracted international interest. The once dark continent is held in the spot light and viewed as both prime investment destination and as a region with great potential for development and prosperity, despite “pressing challenges” that served as a barrier to trade. In the new dispensation, national economies are increasingly taking steps to improve infrastructure, the legal and regulatory framework related to doing business, whilst encouraging potential investment and innovative public-private partnerships. Africa’s growth is likely to create an environment for self-sustaining industrialization, job creation, and an opportunity for regional integration (internally). There is also an understanding that this is impossible without government playing a primary and increasing role in laying the foundation for sound policies that tackle of current constraints for attracting investment and prosperity of enterprise.

One writer puts it this way, “Africa is at an auspicious moment in history, when the successes of past decades and an increasingly favorable economic outlook combine to give the continent an unprecedented opportunity to boost investments and spur regional integration to end poverty within a generation” – and that’s the good news from Africa.